Edison issues review on Miton Global Opportunities
London, UK, 9 March 2016
Edison issues research review on Miton Global Opportunities
Miton Global Opportunities (MIGO) aims to produce returns ahead of an absolute benchmark by exploiting inefficiencies in the pricing of closed-ended funds. This niche strategy differentiates it from peers in the flexible investment sector, while its wide spread of exposures, including Berlin residential property, forestry, second-hand life policies and an Indian equity fund, suggests its performance may also be differentiated from conventional equity funds.
MIGO is trading at a discount of 10.9% to cum-income NAV, modestly above its five-year average. The c 10% habitual level may narrow as the prospect of a realisation opportunity at the time of the 2018 AGM draws closer. This gives investors a clear prospect of a chance to realise NAV, while allowing the manager to maintain his investment approach in the meantime. Allowing for the discount of the underlying funds held in the portfolio, we calculate a look-through discount of c 28% pointing to the upside if the manager's opportunistic selections deliver.
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